2016 Focus Groups CFO Strategies Roundtable

Transcription

1 2016 Focus Groups CFO Strategies Roundtable Wednesday, March 23, :00am 12:00pm

2 Today s Agenda Audits and Examinations 45 minutes Let s hear from each other and talk about what s new from CU*Answers and AuditLink The Future of CU*BASE Budgeting and Modeling Tools 45 minutes Review recent software releases and our plans for 2017 and beyond My CU Today Plus A New Web-based Financial Analysis Toolkit 45 minutes Discuss our plans for this valuable new resource for credit union CFOs, CEOs, and Board Directors 2

3 Let s Get Acquainted Introduce yourself Name and credit union name Your role at the CU and how long you have worked there How do you see the CFO Focus Group opportunity inside our network? 3

4 Why a CFO Roundtable? Does it make sense? Can we activate a Focus Group Or should we stick to the Accounting Top 10 Group and CU*BASE tool discussions? 4

5 Audits and Examinations What is your role in your credit union s examination process? What is your role in credit union audits? Financial Others (network, cybersecurity, etc.) 5

6 Audits and Examinations The future of Introducing Vendor Management via G2Link 6

7 AuditLink VM (Vendor Management) THE REASON AND CHANGING REGULATORY EXPECTATIONS Supervisory focus for NCUA for two years running Knee-jerk reaction Following other regulatory bodies Has now been tied to cybersecurity and is mentioned 11 times in FFIEC guidance papers and assessment tool According to G2Link, 46% of bank exams listed vendor management as a deficiency NCUA s are probably close or higher Last year at NAFCU s compliance conference NCUA made it very clear it was a priority during exams and that they would be following the FFIEC and OCC in requiring it be a more dynamic operational process It is estimated that the cost of monitoring critical vendors will continue increase and potentially double 7

8 AuditLink VM VENDOR MANAGEMENT BASICS Assessing the criticality Is member data involved? Impact of losing the vendor on credit union operations and understanding of how critical it would be to replace them Determining what intelligence you need to have for monitoring and assessing risk Designing a process for gathering business intelligence and frequency of that task Analyzing and documenting the intelligence you have gathered Finally, determining if action must be taken based on your findings 8

9 AuditLink VM THE NEW SERVICE OFFERING Partnered with G2Link Web-based application that continuously monitors vendors Tracks critical events and alerts when the trust of the vendor has been violated Full contract management system with archival and automated notification of critical events Our audience is credit unions, CUSOs, vendors, and regulators 9

10 AuditLink VM THE NEW SERVICE OFFERING Developing a new service where the AuditLink team will: Assess vendor criticality Create the companies and categorize them on the monitoring system Create critical event tables with real time monitoring Curate the company and determine what public information to monitor Monitor critical events and alerts daily Communicate with vendors directly related to obtaining the required information Report to the credit union on a monthly/quarterly basis Develop a pool of due diligence information that can be leveraged in many ways 10

11 The Future of CU*BASE Budgeting and Modeling Tools Did you use any of the new tools for your 2016 budget? 11

12 CU*BASE Budgeting and Modeling Tools THE 2016 BUDGET/MODELING RELEASE Two new portfolio analysis tools Project balances for loan assets and savings liabilities......then model the related yield and dividend expense 12 New tools for printing financial reports and budgets From the training presentation...

13 The Future of Modeling WHAT OTHER MODELING APPROACHES SHOULD WE FOCUS ON? Current Modeling tools can be used to Project growth in asset balances...then project the associated income Project growth in liability balances...then project the associated expense What should be next? 13

14 My CU Today Plus How many of you are already using My CU Today? 14

15 My CU Today Plus A NEW WEB-BASED FINANCIAL ANALYSIS TOOLKIT My CU Today We continue to enhance and add capabilities for CFO, CEOs, and Board Directors 15 What we previewed in CEO School last November...

16 My CU Today Plus A NEW WEB-BASED FINANCIAL ANALYSIS TOOLKIT Introducing My CU Today Plus Dashboards that mirror CU*BASE tools 16 What we previewed in CEO School last November...

17 My CU Today Plus A NEW WEB-BASED FINANCIAL ANALYSIS TOOLKIT What s next? Moving your CU*BASE general ledger database to the Internet 17

18 Thanks for the morning!